Stocks, rupee end tough week on winning note; bonds weaken sharply

India’s benchmark indices snapped their four-day losing streak to end Friday’s session higher amid some short coverings and a surge in index heavyweight HDFC Bank. Iran’s downplaying of the impact of Israeli strikes also allayed concerns about a broader war in West Asia.

Despite Friday’s gains, both indices ended the week in the red for the first time in three weeks. The Sensex fell 1.6 percent this week and the Nifty 50 fell 1.7 percent.

The rupee, on the other hand, touched a fresh intraday low of 83.57 against the dollar but pared losses later in the day. The yield on the ten-year government bond also rose by 4 basis points (bps) to 7.23 percent. On a weekly basis, both the rupee and government bonds weakened sharply.

First print: April 19, 2024 | 11:32 PM IST